Sheepshead Bay Waterfront Condos-Turned-Rentals Now Leasing

The struggling Sheepshead Bay condo complex known as The Breakers has just started renting apartments, after an undisclosed buyer bought up its 49 empty units earlier this year. The wavy-looking, Art Deco-style buildings on the waterfront have 13 one-, two- and three-bedroom rentals being marketed by Aptsandlofts.com. One-bedrooms start at $1,608 a month, two-bedroom units at $2,567, and three-bedrooms at $3,117 a month.

Each apartment in the private gated community features granite countertops, Jacuzzi bathtubs, central air and washer/dryers. Some units also have balconies or private roof decks. Amenities include an outdoor pool, gym, 43 underground parking spaces, bike storage, and a private fishing pier with outdoor seating.

Although the 75-unit development was finished in 2009, developer Jacob Pinson defaulted on a construction loan and filed for bankruptcy. Madison Realty Capital acquired it for an estimated $19,000,000 in December 2012, and the 49 unsold condos changed hands again in January for $24,500,000, The Real Deal reported at the time.

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And this is why buying a new development condo if you want a home is a bad idea.
Now because there are too many investor units, no one will be able to sell their unit to a buyer that needs to get a mortgage…making it pretty much unsalable…except to the investor that ends up owning most of the building at a discount!

Please remember these apartments the next time people say there is no where affordable to live in NYC. Here you have waterfront new construction condos, with a pool, gym, parking, central air etc…. for $1600 a month!